The largest private sector employer in Kinross has vowed to deal with a backlog in its statutory company account filings.
Cashmere maker Todd & Duncan Limited of Kinross has only just published its returns for the year to December 31, 2013.
Its accounts for both 2014 and 2015 remain outstanding, while its returns for the immediate past year to Hogmanay 2016 are due within a matter of months.
Company secretary and finance director Iain Cormack acknowledged the accounts backlog and said the firm had faced financial penalties from Companies House for late reporting.
The sanctions imposed on private limited companies scale-up depending on the length of time past the accounts deadline, with fines of £1,500 imposed on firms that fail to file within six months of the due date.
In September last year, Deloitte LLP tendered its resignation as auditor of Todd & Duncan.
“We are unable to complete our audit of the financial statements for the year ended 31 December 2013 as we have not received the required information or explanations from management,” Deloitte said in its resignation statement lodged with Companies House.
“Unless the company applies to the court, this statement of circumstances, which we consider should be brought to the attention of members or creditors of the company, must be sent by the company within 14 days to every person entitled under Section 423 of the Companies Act 2006 to be sent copies of the company’s accounts.
“This is a requirement of Section 520 (2) of that Act.”
Mr Cormack told The Courier that significant efforts were now being made to bring the firm’s accounts up to date.
“There is no real underlying issue,” Mr Cormack said.
“We are going to get ‘14 (accounts for 2014) filed by the end of May and ‘15 by the end of June.”
He said the 2016 accounts will be filed on time in September.
Todd & Duncan has a long history stretching back to 1867 when the original mill was set up in Alva, Clacks.
The group’s current Lochleven Mills site was acquired in 1897 and all operations of the business were consolidated to the facility in 1906.
The group’s cashmere products are recognised as among the finest in the world and are shipped globally.
In 2009, Todd & Duncan was acquired by Ningxia Zhongyin Cashmere Company, a leading player in the Chinese textiles industry based at The Cashmere Industry Park, Lingwu, Ningxia.
The newly published accounts for 2013 show Todd & Duncan made a £730,000 pre-tax loss on a total revenue base of £27.72 million.
Mr Cormack said the company had made a small loss in 2015 but had returned to profitability during the course of the last year.
The company currently employs 204 staff, a figure that has remained stable since 2013 when it carried an average monthly workforce of 202 staff.